PetroChina has announced its 100% acquisition of Potevio New Energy Co Ltd, a leading electric vehicle (EV) charging firm.

Set up in 2010, Potevio New Energy was among China’s first state-owned companies engaged in EV charging network building and operations. It ran 50,000 charging points in more than 50 Chinese cities as of the end of 2021.

The cost of the acquisition has not been disclosed by CNPC, the parent company of PetroChina. However, this move highlights PetroChina’s commitment to investing in and operating EV charging facilities.

PetroChina last month set up a new entity based in the southeastern city of Putian in Fujian province to focus on investing and operating EV charging facilities.

A year ago, PetroChina joined leading Chinese auto group SAIC Motor Corp. and battery firm CATL in setting up a joint venture to supply swappable batteries for EVs.

China’s state energy giants are expanding their investment in low-carbon businesses including renewables, hydrogen, and electric mobility as part of the country’s goal to be carbon neutral by 2060.